Speech by Christian Noyer, Governor of Banque de France
“Re-Examining Central Bank Orthodoxy for Un-Orthodox Times”
Global Interdependence Center 2012
Paris, 26 March 2012
"...Overall, the euro area is well protected against all of these risks thanks to the robustness of its institutional framework
Price stability is unambiguously the priority objective of monetary policy
Monetary financing of governments is strictly prohibited
The Eurosystem (the ECB and National Central Banks) is extremely well capitalised, which protects its independence.
This has allowed the Eurosystem to implement nonstandard measures on a large scale without endangering its credibility..."